US dairy and gluten-free firm Boulder Brands has upped its EBITDA forecasts after a “terrific” second quarter, boosted by M&A and higher sales on an organic basis.

Boulder expects its annual EBITDA to reach US$69-71m, up from an earlier forecast of $64-69m.

Shares in Boulder jumped and were up 11.54% at $14.40 at 12:39 ET.

Profits and sales were higher in the second quarter to the end of June, driving better results for the first half of the year.

Net income reached $3.1m in the quarter, compared to $484,000 a year earlier. Operating income more than doubled from $4.3m to $10.7m.

Net sales increased 45.7% to $110.7m, in part due to the contribution of Udi’s Healthy Foods in this year’s second quarter. 

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By GlobalData

Organic sales on a pro forma basis, which assumes Boulder owned Udi’s for the whole of last year’s second quarter, were up 11.8%.

However, sales and profits from Boulder’s Smart Balance dairy division fell. The company said sales of its “premium” spreads and spreadable butter brands gained share.

Chairman and CEO Stephen Hughes said the company had a “terrific” quarter He added recent moves to exit some dairy categories and its licensing deal with Byrne Dairy should “result in a more stable and profitable Smart Balance portfolio”.